NEW YORK CITY-JBC Fund I is eyeing New York City as the target town for its first development outside of Chicago. The fund, managed by the John Buck Co., is joint venturing with locally based Madison Equities to break ground on a $77-million luxury apartment building in the spring of '03. Completion is targeted for the fall of '04.

Parent company Buck will handle the development, financing and lease-up for the project--which is apparently a jumping-off point for Buck's national expansion. "This deal is exactly the type of transaction our JBC Fund I has been searching for to expand our presence beyond Chicago," says Buck principal Kent Swanson. "Our long-range strategy is to have Fund I portfolio properties in a number of the nation's 24-hour cities like New York; Boston; Washington DC; and, of course, Chicago."

Madison Equities pulled together the land assemblage for the project--at the southeast corner of E. 92nd St.and First Ave. The dirt adjacent to the site would also be the future home of a mixed-use project that would include a 226-key hotel and 40,000-sf medical arts building.

While the development is Buck's first venture outside of Chicago, the firm has been dealing some big numbers in its hometown, most recently with the $415-million sale of the 1.3-million-sf UBS Tower to Rreef Funds. Lend Lease was Buck's JV partner in the building.

enzo

November 14th, 2002, 12:24 AM

The northern UES is bucking the trend and continuing to develop. So much is moving forward even now north of 86th St. I expect it will boom in the coming years. Although the neighborhood is fully dense, developers eye many sites along the avenues to tear down the old and put condo towers in their place. Let's hope they make the right decisions.

There is an awful Post Properties tower going up on 1st in the 80's and another even worse just up the avenue. SOS- send some competent architects!!!

JerzDevl2000

November 14th, 2002, 01:21 AM

Awful ideas? Who said the 80's were long gone....

Fabb

November 14th, 2002, 06:27 AM

"that would include a 226-key hotel and 40,000-sf medical arts building. "

What's a medical arts building ?
Hospital or museum ?

James Kovata

November 14th, 2002, 08:31 AM

Quote: from Fabb on 6:27 am on Nov. 14, 2002
"that would include a 226-key hotel and 40,000-sf medical arts building. "

What's a medical arts building ?
Hospital or museum ?

A building dedicated to medicine...usually physicians/dentists offices, radiology, and other diagnostics.

NYguy

November 14th, 2002, 09:33 AM

More from globest.com

$215M in Liberty Bonds Spurs Two More Downtown Projects

By John Salustri

NEW YORK CITY-At an afternoon vote in Albany yesterday, the New York State Public Authority Controls Board unanimously voted to release some $215 million in additional Liberty Bonds for the construction of two multifamily housing projects in lower Manhattan.

But while the new capital is not technically slated for affordable housing, the people of Good Jobs New York protested the release of these funds, claiming that market-rate-and-above housing--with only a minimal affordability ratio--is an "inappropriate use."

According to a spokesperson for the controls board, $115 million is earmarked for what is termed Site 19B in Battery Park City. The 24-story rental, offering 624 units, will be developed by the Related Cos. In addition, Leonard Litwin of Liberty Street Realty will be using a $100-million Liberty Bond infusion for his 10 Liberty St. The 42-story project would deliver 287 units upon completion.

Eugenius

November 14th, 2002, 09:38 AM

Quote: from Fabb on 6:27 am on Nov. 14, 2002
"that would include a 226-key hotel and 40,000-sf medical arts building. "

What's a medical arts building ?
Hospital or museum ?

Could be a morgue:)

I also like the way they referred to NYC as a "town"...

Rich Battista

November 14th, 2002, 10:31 PM

i like the idea of tearing down some of those small buildings on the aveues and building hi rise luxury appartments, sinse the 1980's and onto today, the upper east side has really developed nicely. If you look at the skyline from the Queens side at the 60's 70's, 80's and the 90's, you can see the hi rise progress that we have made throughout the years. There are some very large hi rise appartment buildings along this stretch and i am looking forward for the east side to bloom even more in the future.

billyblancoNYC

February 12th, 2003, 09:25 AM

I'll be honest, I can't afford these places, but it's good to see the UES staying high-end, and not a place for people to demand low-income housing.

I love it, let's see, so you make $25k per yr and are going to get a place on Park and 70th - sounds fair. *Plus a lot of these places are set up that the low income places are THE SAME as the market rate. *Crazy.

Why aren't there more middle income places, incomes between 75K and 150K?

Anyway, sorry for the rant.

Basically, good for the UES. *Can't wait til the boom goes above 96st!